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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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China Stocks close down
Mar 02,2017

Mainland China stock market closed lower on Thursday, 02 March 2017, dragged down by infrastructure and real estate stocks, after a poll showed growth in Chinas home prices will slow significantly on continuing government curbs and tighter credit conditions in 2017. At the close, the benchmark Shanghai Composite Index lost 0.52% to 3,230.03 points. The blue-chip CSI 300 index declined 0.67% to 3,435.10 points. The Shenzhen Component Index edged down 0.5% to 10,367.3. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, slumped 0.60% to 1,920.40 points.

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TCS launches HOBS V6.0
Mar 02,2017

Tata Consultancy Services has launched the next version of HOBS (Hosted OSS/BSS) - a TM Forum certified platform for digital enterprises - at Mobile World Congress in Barcelona.

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Hong Kong Stocks surrender gains on profit-taking
Mar 02,2017

The Hong Kong stock market closed down after wiping out initial gains on Thursday, 02 March 2017, as some investors took advantage of the upbeat market to lock in profits. The change of direction in the afternoon was partly triggered by bearish sentiment on the mainland, where investors were worried about liquidity amid growing expectations that the U.S. Federal Reserve will raise interest rates this month. The Hang Seng Index fell 0.2% or 48.4 points to 23,782.1 while the Hang Seng China Enterprises Index dropped 0.4% to 10,246.9. Market turnover on the Hong Kong main board was HK$82.1 billion, slightly higher than Wednesdays HK$76.2 billion.

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Board of Zenotech Laboratories approves winding up of subsidiary in Nigeria
Mar 02,2017

The Board of Directors of Zenotech Laboratories on 02 March 2017 has approved by way of resolution by circulation, the winding up of Zenotech Laboratories Nigeria, Nigeria, the subsidiary of the Company and has authorised the management to take appropriate actions for initiating the process of winding up of the subsidiary.

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Geometric fixes record date for scheme of arrangement and amalgamation
Mar 02,2017

Geometric has fixed 15 March 2017 as the record date for determining the shareholders of the Company to whom shares of HCL Technologies and 3DPLM Software Solutions will be allotted pursuant to scheme of arrangement and amalgamation.

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Geometric provides update on scheme of arrangement and amalgamation
Mar 02,2017

Geometric announced that the Scheme of Arrangement & Amalgamation between Geometric, HCL Technologies and 3D PLM Software Solutions has become effective on 02 March 2017. Under the transaction the entire business of Geometric has been transferred to HCL. Simultaneously Geometric has been merged into 3D PLM.

The Company has fixed March 15, 2017 as the record date for determining the shareholders of the Company to whom shares of HCL and 3D PLM will be allotted pursuant to the Scheme.

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Board of Accel Frontline approves sale of entire stake in subsidiary - Accel Systems & Technologies
Mar 02,2017

Accel Frontline announced that the Board of Directors of the Company at its meeting held on 01 March 2017 has subject to obtaining approval of the shareholders, approved the sale of the entire stake of a Subsidiary Company Accel Systems & Technologies, Singapore ( ASTL ).

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A2Z Infra Engineering wins contract worth USD 7.06 million
Mar 02,2017

A2Z Infra Engineering has secured a contract Grid Solar and Energy Efficiency Project, Nepal Electricity Authority for Design, Supply, Delivery, Installation, testing and Commissioning of 33/11 KV Substations and 33 KV Lines for the contract price aggregating to USD 7,066,613.41.

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Corporate Courier & Cargo secures a contract
Mar 02,2017

Corporate Courier & Cargo has secured a contract worth Rs 50 lakh from a construction company. The contract execution will be commenced in Q4 and is expected to contribute to the Top Line and Bottom Line inQ 4 current Fiscal.

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Hindalco provides update on QIP issue
Mar 02,2017

Hindalco Industries announced that the Capital Raising Committee of the Company at its meeting held on 02 March 2017 has passed the following resolutions:

Authorising the opening of the QIP on 02 March 2017;

Approving and adopting the preliminary placement document dated 02 March 2017 in connection with the QIP; and

Approval of the floor price of Rs 184.45 per equity share for the QIP.

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Board of National Aluminium Company recommends dividend
Mar 02,2017

National Aluminium Company announced that the Board of Directors of the Company at its meeting held on 2 March 2017, inter alia, have recommended the dividend of Rs 2.8 per equity Share (i.e. 56%) , subject to the approval of the shareholders.

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ISF to hold board meeting
Mar 02,2017

ISF will hold a meeting of the Board of Directors of the Company on 7 March 2017, to approve the allotment of Equity Warrant to person other than Promoters.

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Mipco Seamless Rings (Gujarat) to hold board meeting
Mar 02,2017

Mipco Seamless Rings (Gujarat) will hold a meeting of the Board of Directors of the Company on 15 March 2017, to consider the resignation of Mr. Siva Prasad Chukka as Chief Financial Officer of the company.

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Vikas Granaries to hold board meeting
Mar 02,2017

Vikas Granaries will hold a meeting of the Board of Directors of the Company on 9 March 2017.

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Board of Dharmsi Morarji Chemical Co approves scheme of amalgamation
Mar 02,2017

Dharmsi Morarji Chemical Co announced that the Board of Directors of the Company at its meeting held on 02 March 2017 has considered and approved the scheme of arrangement/ amalgamation of Borax Morarji with The Dharmsi Morarji Chemical Co, subject to requisite approvals.

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